Can Libra Disrupt The Financial/Economic System?

[STT]

Libra already exists in essence but only by access of central banks, SDR is a collective holding via IMF of various FIAT currencies including the Chinese.   The difference is not one person here holds SDR because its not issued to any organisation lower then a central bank and by billions of value.  

greatly affect the existing financial system

Libra means nothing especially short term, could it form some trend for a move away from dollar is a possible question but its not going to alter balance by the pocket books of not especially wealth consumers.   It might alter perception and that would be the main fear when Dollar is so incredibly weaker then its current status the last thing wanted is any fair and open competition to the status quo.
       Im not sure Facebook quite intended this effect, paypal started with noble ambitions also but then fell back on the more certain ground of purely being a payment processor rather then a global currency type.

[rose9696]

I think Libra will be hard to officially operate. Not only are they being accused of manipulating the crypto market, they are also accused of creating money laundering to evade state taxes.
There are too many disadvantages for them and I think libra will fail soon.

[FIFA worldcup]

I think Libra will be hard to officially operate. Not only are they being accused of manipulating the crypto market, they are also accused of creating money laundering to evade state taxes.
There are too many disadvantages for them and I think libra will fail soon.

I also do not see any future for the Libra coin. I think it is just created too much hype in the market and now slowly that hype is beginning to die.
The only thing which i feel is positive about Libra coin that all the face-book community will know about this coin and hence many new people will come to know about the crypto and bitcoins.

[Semosuchi Tesongrato]

A currency managed by Facebook is obviously centralized and under total control of the system.
That is, just a click to take away all your belongings and keep you from acting.
Exactly the opposite of the spirit of Bitcoin.

[gentlemand]

Libra is effectively official toast, people.

France and Germany won't permit it to exist.

https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU

If they won't then you can bet your bippy everyone else will follow suit, witness the relentless bile every single US politician gave it during the recent hearings. Their official and final position will probably involve nukes and mailing turds.

Going forward it's full crypto or full government. No middle ground will ever be allowed to exist.

[Lexurdania]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

In my opinion, Libra Coin has the potential to disrupt the existence of fiat money. With peer to peer transactions, the role of the central bank is no longer needed. In addition, Libra Coin has the potential to disrupt the current monetary system and therefore many countries prohibit it

[Spaffin]

If not only the government of the United States, but also the government of France and Germany speaks negatively about the Libra project, then apparently the fears of governments are well-founded.  Apparently this project can really destroy the entire world economic system.  But I, as a simple person, would really like to know specifically the pros and cons of the Libra project in order to find out what will benefit humanity and what will worsen the situation.  It is necessary to investigate this issue all sided, and not just from the side of the cryptocurrency user.  It is also necessary to take into account the possibility of the existence of the state, and not only takes care of a small group of people, because there are much fewer users of social networks and cryptocurrencies, if we take into account the total number of humanity.

[LUCKMCFLY]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

I think that Libra when launched, will be of a stable nature, but what will move the masses is the fact that there is a large structure in the Business Model, because Facebook reaches all parts of the world, those countries where it is forbidden to trade currencies such as dollar, euro, and other major ones there would be no problem, because through Libra they can pass it directly to Bitcoin, which means that the price of Bitcoin increases substantially, it could be said that by 2020 we will have a more active market.

[Harlot]

If a stable Libra coin is issued, of course, it will greatly affect the existing financial system, because the level of its distribution and use will be supposedly large. Since this stable coin will be supported by various generally recognized national currencies, as well as other financial assets, its price will be arbitrarily set and various abuses will be possible here, and Facebook has repeatedly been exposed in them.

It might not be as supported as you think, France has already said that Libra isn't welcomed in the country as soon as it is introduced and they are planning to have the support of the European Union to block it in their countries as well. As far as I see it they are not in favor of a cryptocurrency that is belonging to a big company who is already known for misusing their users' private information. As far as I can tell this won't change anything in the financial perspective as long as it is introduced as a payment system it will only attract people who are already using Facebook and as far as I can tell a lot of buyers and sellers already have preferred payment methods on their own and that is including other cryptocurrencies, Libra would just be like any other option out there.

[efxtrader]

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

If Libra Coin really exists, people will prefer to use Libra because it is faster and also without using a third party such as a bank. This might make people think Libra coin will be able to disrupt the monetary system because the current monetary system depends on the central bank in spurring economic growth

[Fundamentals Of]

To be honest, I think Libra would not have faced all these giant barriers as the US, France, and other governments if their project is not going to potentially disrupt the existing financial and economic systems. The way I look at it, Libra is a promising project that could actually shaken the very fiat system that serves as the lifeline of all these governments. The US could have simply laugh it off. But they didn't. They even convened congressional meetings to discuss how they could halt its development. 

[bryant.coleman]

If Libra gets good acceptability in countries other than the United States, then it can have negative consequences for the local economies. Libra is essentially a digital form of the United States Dollar. Most of the assets that back up Libra are denominated in the USD. So if Libra gets widespread usage in a country such as Zimbabwe, then the national currency may get negatively impacted. Why should anyone use the inflation-plagued Zimbabwe Dollar, when they have the option of using the much better United States Dollar?

[Botnake]

If Libra gets good acceptability in countries other than the United States, then it can have negative consequences for the local economies. Libra is essentially a digital form of the United States Dollar. Most of the assets that back up Libra are denominated in the USD. So if Libra gets widespread usage in a country such as Zimbabwe, then the national currency may get negatively impacted. Why should anyone use the inflation-plagued Zimbabwe Dollar, when they have the option of using the much better United States Dollar?

If that's the possible risk, then I'm sure their government will make a way to avoid or ban Libra, and they might ban facebook in their country, which is bad for the facebook business. Libra for me is more like a payment system I guess, if people will invest, they can also do that in other stable coin but I think the threat is not that big since majority of the people will still use the local currency.

Overall, I think Libra would be a great help, for countries whose inflation is high, they can us Libra which later the government will realize to issue their own
cryptocurrency like what happen to venezuela where they already have their petro coin.

[Zemomtum]

If Libra project is implemented, it will definitely disrupt the Financial system as USD, EURO and other foreign currencies might lose relevancy. I am of the opinion the project will be launched in year 2020 as they have all the arsenal to lobby their way and get approval

[abhiseshakana]

Libra will not disrupt the economic system that already exists and it is only one participant (cryptocurrency) or choice that is not very influential. Libra is certainly intended for Facebook members and the system is centralized on Facebook servers. Although the number of Facebook members currently reaches almost one-third of the world's population, I'm sure not all active Facebook members will be enthusiastic about using libra as a means of payment.

The main reason is that not everyone understands the benefits of the digital economy. It takes a long time and the involvement of all elements of society to provide education about digital innovation and technology. After internet access is evenly distributed and the world community is literate about digital technology.

[suzanne5223]

Libra will not disrupt the economic system that already exists and it is only one participant (cryptocurrency) or choice that is not very influential. Libra is certainly intended for Facebook members and the system is centralized on Facebook servers. Although the number of Facebook members currently reaches almost one-third of the world's population, I'm sure not all active Facebook members will be enthusiastic about using libra as a means of payment.

The main reason is that not everyone understands the benefits of the digital economy. It takes a long time and the involvement of all elements of society to provide education about digital innovation and technology. After internet access is evenly distributed and the world community is literate about digital technology.

I also believe that Libra coin won't disrupt the economic system since it will also be a stable coin just like the one issue by the JP Morgan and you're when you said all active Facebook users won't be enthusiasts because some people still don't confidence in the crypto currency. But you're wrong when you said the Libra coin to be intended for facebook members because their whitepaper clearly stated the coin to be used globally which is the reason why the Libra team partner with some institutions and crypto exchange sites and I also believe this is the reason why some government think it will be a threat to the economy which already slowdown by the activities created by the government themselves.

[muhhentuhhen]

Libra is effectively official toast, people.
France and Germany won't permit it to exist.
https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU
If they won't then you can bet your bippy everyone else will follow suit, witness the relentless bile every single US politician gave it during the recent hearings. Their official and final position will probably involve nukes and mailing turds.
Going forward it's full crypto or full government. No middle ground will ever be allowed to exist.

However, it will appear and it is not a threat. The head of the Libra Association said that this cryptocurrency project does not threaten the financial stability of various countries. Libra reserve will consist of US dollars, euros, yen, pounds and Singapore dollar. If a something dramatical with one of these currencies occurs they will be removed from Libra basket. They will not deal with Chinese currency.

[bryant.coleman]

If Libra project is implemented, it will definitely disrupt the Financial system as USD, EURO and other foreign currencies might lose relevancy. I am of the opinion the project will be launched in year 2020 as they have all the arsenal to lobby their way and get approval

How the United States Dollar will lose its relevance, when Libra itself is a digital version of the USD? If the information about having USD backup is accurate, then Libra will end up strengthening the US Dollar and weakening all other fiat currencies including JPY, EUR, CNY and GBP (provided these countries allow Libra to be used in their territories).

But I don't think that these countries will allow Libra to be used. It is foolish to assume that countries such as China will allow a digital version of a foreign currency to be used for retail payments, along with the Chinese Yuan. At the most, Facebook may try to create a CNY version of Libra for China, which will be backed up by assets denominated in the Chinese Yuan.

[jamesndungu1]

Yes, it potentially could. Billions of people are users of Facebook. This gives Facebook a competitive advantage in that the platform already has a huge user base. I feel like, at some point in time, almost everyone in the world will be using Libra as a form of payment, not because they want to, but because it will be the most relatable crypto coin.Futhermore,the Libra Association, which will be governing the Libra economy consists of elite associations which have the potential to overturn the power of countries and even possibly national banks.

[xabre]

Why always talking about libra coin without know when is listing and open for public selling, until now we do not hear what happen with Libra coin still available or have stop for launching to the public.